Tell me about three important macro events this week. The current transmission chain that affects the market is nothing more than interest rate expectations, strong US dollar expectations, and then judging whether it is positive or negative. The biggest suspense is the quarterly refinancing (QRA) by the Ministry of Finance. In fact, as long as we understand it as the Ministry of Finance borrowing money, it will be easier to judge: February 2nd (Monday): Release financing estimate. February 4th (Wednesday): Official quarterly refinancing announcement released. We all know that against the backdrop of policy interest rates remaining high (in the range of 3.5% -3.75%), the market has an almost pathological sensitivity to long-term supply, as demonstrated by recent market trends. Of course, I think it may be a relatively poor script, for example, if the Ministry of Finance reveals its intention to issue more long-term bonds, the 10-year/30-year US Treasury yields will soar, leading to a continued strengthening of the US dollar, a decline in cryptocurrency, and a drop in technology stocks. This is probably a major thunderstorm in recent times, worth paying attention to. The second one is the ISM Manufacturing and Services PMI, which was released today and on the 4th, as previously mentioned, The good news for ISM and PMI is bad news. If the economy is too hot, the Federal Reserve will not panic and raise interest rate expectations. The third one is not a single data, but a complete set of employment data for the United States, arranged in a simple chronological order. Tuesday: JOLTS job vacancies Wednesday: ADP employment figures Thursday: Initial application for unemployment benefits Friday: January Non Farm payroll report (NFP) The confidence of the Federal Reserve in not cutting interest rates lies in the good employment data, without the imagined wave of unemployment. These data are likely to be a mild cooling table, slightly positive but not significant, The overall weekly base adjustment will not change, and the employment data is likely to be seen as a bullish sweet spot. Of course, the data cannot be bad enough to raise recession expectations.